Volvo Group reported a net sales increase of 10% to $14.2 billion in the fourth quarter, compared with the same period a year ago, and full-year net sales of $52.9 billion.
Adjusted operating income for the quarter was $172 million, corresponding to an adjusted operating margin of 12.4%. For the year, the operating income amounted to $737 million, with an adjusted operating margin of 14%.
“For the full year 2023, we increased net sales by almost $7.7 billion and the adjusted operating income to $7.43 billion with an adjusted operating margin of 14%,”Volvo Group CEO Martin Lundstedt said in a statement. “Thanks to our strong finances, we can continue to provide a good return to our shareholders and at the same time invest in an seize opportunities in the ongoing industry transformation to more sustainable solutions.”
Volvo Penta, which includes the marine division, was affected by weaker market conditions, with currency adjusted net sales increasing 2% to $478.7 million. Adjusted operating margin declined to 7.3%. Full-year net sales were $2 billion, with an adjusted operating margin of 15.4%.
